Hackney Commercial-Led Sites Sold
As the demand for high quality office and retail space continues to move out from the City and Shoreditch, along Kingsland Road to areas including Dalston and Stoke Newington, rents in some areas have more than doubled in the last 5 years. As a result, developers are increasingly undertaking projects which encompass significant commercial elements, as the reduced construction costs and lack of affordable housing combined with the higher exit values now achievable make these mixed-use schemes more viable than ever.
We have recently arranged the sale of two mixed-use development sites in Hackney where the quantum of commercial space is greater than the residential element.
27a Dalston Lane E8 has planning permission for 11,362ft² of retail and office space with 11 residential apartments above, and a former car park at Wilmer Place, Stoke Newington N16 benefits from consent to build 13,972ft² of office space and 8 apartments.
Both properties were well received by the market, and were purchased by developers for just under £10m.
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